The Middle East conflict and Ukraine's drone attacks on Russian oil refineries are feared to cause problems for oil supplies.
Crude oil prices rose to their highest level in several months on Tuesday.
On Tuesday, the price of the North Sea Brent reference quality temporarily exceeded 89 dollars per barrel for the first time since October. At nine in the evening Finnish time, the price was up 1.2 percent at $88.49.
The price of US WTI quality was also above 85 dollars per barrel on Tuesday. The last time the limit above 85 dollars was exceeded was also in October. In the evening, the price of WTI quality was up 1.5 percent at $84.96.
A barrel is a unit of measurement used in the oil trade, which corresponds to approximately 159 liters.
Crude oil the price has been high when, among other things, the drone strikes aimed at Russia's energy infrastructure by Ukraine and the possible expansion of the conflict in the Middle East are feared to threaten oil supplies.
During this year, Ukraine has carried out several drone attacks on Russian oil refineries, e.g. in the Moscow region and in Russia's border areas. On Tuesday, Ukraine attacked one of Russia's largest oil refineries in the Tatarstan region, more than a thousand kilometers from Ukraine. However, according to the sources of the Reuters news agency, the attack did not cause any serious damage to the refinery.
Russia is one of the world's largest oil producing countries and exporters of oil products.
In the Middle East, on the other hand, the wider escalation of the war in Gaza is a concern after Israel struck a building connected to the Iranian embassy in the Syrian capital Damascus on Monday. Several people were told was told died in the attacks.
Iran supports Hamas, and according to Reuters, several analysts have warned that Iran's involvement in the Gaza war would have an impact on oil supplies.
On the market also follows Wednesday's meeting of the Opec+ group of oil-exporting countries, where the group is supposed to decide on oil production volumes.
The Opec+ countries have agreed to limit crude oil production by approximately two million barrels per day. According to sources at the Reuters news agency, no changes to production volumes are expected at Wednesday's meeting.
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